Credit Card Interest - Will the Bank freeze interest?

[WillowAve17]

Hi there,
This is my first post!
Im wondering whether my bank would consider freezing the interest on my credit card for a period to allow me to get the balance down. I dont use it any more, but am only able to pay the minimum. The interest is approx 50€ per month.

How would I word the letter to the bank? Any tips appreciated?

Thank you

 

[Gerry Canning]

If 50 per month is your interest charge and that is all you can afford , then your debt is too high to have the freezing of interest much help.. .
Strongly suggest bring your statements to local MABS office .
Most MABS people are good at getting sensible deals from Banks.
If you write you may only end up getting the run around.

 

[newirishman]

you could look at some credit card switcher offers that do 0% interest deals for the first 6 months.
No idea if there is still any around on offer though...

 

[Palerider]

How much is the total debt now and how much is the minimum payment ?

 

[LeinsterNordie]

There are plenty of offers to do interest free balance transfers to new credit card accounts, it might be worth looking into. You may not qualify for a sufficient credit limit though if you are struggling to make the minimum payment. I would suggest talking to your bank, they probably wont freeze the interest but you might get it converted to a personal loan which would lower the interest rate substantially and pay it off over a number of years.